Stock futures up as global equities extend rally

(Reuters) - Stock index futures pointed to a higher open on Wall Street on Monday, adding to last week's gains and tracking gains in global equities, with futures for the S&P 500 up 0.6 percent, Dow Jones futures up 0.4 percent and Nasdaq 100 futures up 0.6 percent at 0821 GMT.

European shares hit a four-week high early on Monday, rising for a fourth consecutive session as investors' concerns over Europe's debt crisis ease after Greece's Prime Minister George Papandreou told a meeting of top bankers he would not back down in the face of the country's debt crisis but would do what was needed to get Greece back onto a growth track.

Japan's Nikkei average climbed 1.8 percent on Monday, ending near a key resistance level as short-covering emerged on a sense that the market had been oversold, with investors also taking heart from gains in the euro.

Europe's sovereign debt crisis has not pushed back the timing of a rise in the Federal Reserve's benchmark interest rate, St. Louis Federal Reserve Bank President James Bullard said on Monday. A recovery in the U.S. economy needs to become more firm in order for the Fed to raise the federal funds rate, Bullard said.

China's Foreign Ministry on Monday hit back at fresh calls by the United States for Beijing to let the yuan currency rise in value, saying the yuan was not to blame for the U.S. trade deficit with China.

Cablevision Systems Corp plans to buy Bresnan Communications, majority-owned by private equity firm Providence Equity Partners, for about $1.3 billion, a source familiar with the situation said on Sunday.

Fertilizer producer Mosaic Co is in talks to buy Mexico's Grupo Fertinal in a deal that could be worth up to $1 billion, The Wall Street Journal reported on Sunday.

The Agricultural Bank of China is seeking to raise more than $23 billion through a dual Hong Kong and Shanghai listing, according to documents on Monday, putting it on course to be the world's biggest IPO.

Oil climbed as much as 1.5 percent toward $75 on Monday as renewed optimism about the global economic recovery rekindled appetite for risk.

The euro rose on Monday after a burst of short-covering lifted the single currency above $1.22 and further away from a four-year low, but traders were wary about chasing gains and expected its downtrend to continue.

U.S. stocks rose in a late rally on Friday as a strong forecast from chip maker National Semiconductor Corp lifted tech shares and helped alleviate concerns about the economy's health after an unexpected drop in retail sales.

The Dow Jones industrial average <.DJI> gained 38.54 points, or 0.38 percent, to 10,211.07. The Standard & Poor's 500 Index <.SPX> rose 4.76 points, or 0.44 percent, to 1,091.60. The Nasdaq Composite Index <.IXIC> climbed 24.89 points, or 1.12 percent, to 2,243.60.

(Reporting by Blaise Robinson; Editing by Hans Peters)